City Development Bank & Om Finance separate AGM on Poush 4; Both BFIs to endorse merger process with each other

City Development Bank Limited (CDBL)will be convening its 9th Annual General Meeting (AGM) on Poush 4 (December 19). The AGM is going to be held at Hotel Pokhara Grand, Birauta, Pokhara at 9:30 AM. Main agendas of the AGM are:

• To approve 19.25 percent bonus share and 1.0132 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• To approve the merger of OM Finance and City Development Bank by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• To endorse 5 year Business Plan and Projection
• Election for BOD members from city development bank for the merged entity.
• To endorse the BOD member for merged entity elected by the AGM of Om finance
• To increase the current issued and paid up capital.
• To amend article of association and memorandum of association, if any, as per directed by registrar officer or Nepal Rastra Bank
• To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• To authorize BOD to work on proposals for possible joint venture and strategic partner

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. At present CDBL has a paid up capital of Rs 46.81crore. After the issuance of 19.25% bonus shares, its paid up capital will reach to Rs 55.82 crore. City Development Bank had earned net profit of Rs 15.45 crore in its fourth quarter of the fiscal year 2071/72. Likewise, Om Finance Limited (OFL) will be convening its 15th Annual General Meeting (AGM) on Poush 4 (December 19). The AGM will be held at Hotel Pokhara Grand, Birauta, Pokhara at 10:25 AM. Main agendas of the AGM are:

• To endorse 27.0655 percent bonus share and 1.42 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• To maintain issued capital and paid up capital up to Rs 49.45 crore after the bonus share distribution.
• Authorized BOD to initiate merger with City development Bank.
• Om Finance and City Development bank will endorse 5 years new business plan and appoints auditor to do Due Diligence Audit for the purpose of merger
• To approve the merger of OM Finance and City Development Bank by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• Election for BOD members from city development bank for the merged entity.
• To endorse the BOD member for merged entity elected by the AGM of City Development bank
• To increase the current issued and paid up capital.
• To amend article of association and memorandum of association, if any, as per directed by registrar officer or Nepal Rastra Bank.
• To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• To authorize BOD to work on proposals for possible joint venture and strategic partner

Other Agendas of the AGM include financial highlights of 2071/72, appointment of auditor and to elect 4 BOD member from promoter shareholders group and 2 BOD member from public shareholders group. Om Finance had earned net profit of Rs. 13.01crore in its fourth quarter of the fiscal year 2071/72.